We're instilling discipline on our approach to doing business, making sure we are well-prepared, understand our customers and anticipate their needs.

we're instilling discipline in our approach to doing business making sure we're well prepared understand our customers and anticipate their needs


Of course, design remains a key element of our service offering, and that's been exemplified consistently well by our Color team,

of course design remains a key element of our service offering and that's been exemplified consistently well by our color team


To discuss the company's financial results from the first quarter and also to update our financial guidance for the year, I'll turn the call over to Garrett.

to discuss the company's financial results from the first quarter and also to update our financial guidance for the year i'll turn the call over to garrett


Please note that they are the property of Solar Senior Capital Limited and that any unauthorized broadcasts in any form are strictly prohibited.

please note that they are the property of solar senior capital limited and that any unauthorized broadcast in any form are strictly prohibited


And so what's happened as we've gone from a portfolio that for a long time was focused on smaller businesses, lighter duty

and so what's happened is we've gone from a portfolio that for a long time was focused on smaller businesses lighter duty


though the impact was partially offset by higher depreciation expense from an increase in electric plant in service as we continue our trend of capital improvements.

though the impact was partially offset by higher depreciation expense from an increase in electric plant and service as we continue our trend of capital improvements


all given at the same time. It's simply because people might have to go to an exam site more frequently than before and schedules may not permit that. So

all given at the same time it's simply because people might have to go to an exam site more frequently than before and schedules may not permit that so


Our plan is to move in by the end of fiscal 2016. We have more than outgrown our existing facility, which was built about 12 years ago.

our plan is to move in by the end of fiscal 2016 we have more than outgrown our existing facility which was built about 12 years ago


A variety of what appears to be short seller funded attorneys and short seller funded investigators have continued to call and harass our former employees.

a variety of what appears to be short seller funded attorneys and short seller funded investigators have continued to call and harass our former employees


But some of the recent contracts are spreading over next 2 years delivery. And are they coming with a similar type of discounts that scales us

but some of the recent contracts are spreading over next 2 years delivery and are they coming with a similar type of discounts that scales us


Our results for the first full quarter after the merger were encouraging. We are beginning to see the results of our synergy efforts as well as the impact of a more favorable

our results for the first full quarter after the merger were encouraging we are beginning to see the results of our synergy efforts as well as the impact of a more favorable


Of course, each company has a slightly different impact from the tax bill, but as we said last quarter, the net effect of the tax bill

of course each company has a slightly different impact from the tax bill but as we said last quarter the net effect of the tax bill


As Curt explained, we made good progress in the first quarter on all fronts, and we are absolutely tracking to meet our objectives for the year.

as kurt explained we made good progress in the first quarter on all fronts and we are absolutely tracking to meet our objectives for the year


you could see that we did not reduce our dividend during the crisis, it's a long time ago now, but

you could see that we did not reduce our dividend during the crisis it's a long time ago now but


Also contributing to this positive performance was the continued progress and growth we are experiencing within our corporate partnership program.

also contributing to this positive performance was the continued progress and growth we are experiencing within our corporate partnership program


We feel very confident with the flexibility of our balance sheet and our current LTV level, which will better enable us to create value via our stated strategy.

we feel very confident with the flexibility of our balance sheet and our current ltv level which will better enable us to create value via our stated strategy


an awful lot of it sounds like it gets a lot better as the year goes on. I realize a bunch of that is comps and sort of market stuff around mortgage. But

an awful lot of it sounds like it gets a lot better as the year goes on i realize a bunch of that is comps and sort of market stuff around mortgage but


market-facing business unit teams and away from headquarters. This was an important element of how I operate of having our teams closer and more focused with our customers.

market-facing business unit teams and away from headquarters this is an important element of how i operate of having our teams closer and more focused with our customers


This new business is an excellent strategic fit for AAG, and we're excited for the opportunities we see in the Netherlands and Belgium.

this new business is an excellent strategic fit for aag and we're excited for the opportunities we see in the netherlands and belgium


very appealing and contributing to the fresh character of the products that we sell there. And we have installed by

very appealing and contributing to the fresh character of the products that we sell there and we have installed by


Two important program structure changes to MAP Navigator have occurred since our last call.

two important program structure changes to mapnavigator have occurred since our last call


consistently improving macro, whether it's oil prices which reflected in our current account, our fisc was improving,

consistently improving macro whether it's oil prices which reflected in our current account our fiscal was improving


within -- in the discussion of the budget law, but is an ongoing discussion between the government and the regional administrations

within -- in the discussion of the budget law but is an ongoing discussion between the government and the regional administrations


the importance of the relationship of Canada. Canada was the only country where he sent a mission of seven of his future ministers.

the importance of the relationship of canada canada was the only country where he sent a mission of 7 of his future ministers


spending or competitive movements. We're just really focused on what has been a really successful launch as we went from initial launch, now to full commercial launch.

spending or competitive movements we're just really focused on what has been a really successful launch as we went from initial launch now to full commercial launch


Of note, we continue to see solid uptake for Mako upgrades, which remain on track and should position us to largely complete all U.S. system upgrades

of note we continue to see solid uptake for mako upgrades which remain on track and should position us to largely compete all u s system upgrades


since you've been reporting that business. So what's -- is it just an aberration? Or have you made any changes in the product mix? Anything else that are driving the improvement in margins?

since you've been reporting that business so what's -- is it just an aberration or are you -- have you made any changes in the product mix anything else that are driving the improvement in margins


being delayed in closing? I think there were some timing issues, but also is there some that might not close in that -- maybe our original thoughts of what '16 might be?

being delayed in closing i think there were some timing issues but also is there some that might not close in that maybe our original thoughts of what '16 might be


This quarter's distribution also marked the eighth consecutive quarter that the Partnership has increased its quarterly distribution

this quarter's distribution also marked the eighth consecutive quarter that the partnership has increased its quarterly distribution


the structure of this is part of the longer restructuring happened in France related to

the structure of this is part of a long restructuring happening in france related to


One of the larger customers in there guided recently and -- a little weaker than expected for their June quarter and talked about some weakness on the service provider side. So

one of the larger customers in there guided recently and a little weaker than expected for their june quarter and talked about some weakness on the service provider side so


Enterprises can easily engage with customers anywhere in the world, intelligently distributing interactions to the right agent, regardless of location.

enterprises can easily engage with customers anywhere in the world intelligently distributing interactions to the right agent regardless of location


who has a wealth of experience with over 25 years at WPD. I have great confidence in Phil's ability to lead our tremendous team there

who has a wealth of experience with over 25 years at wpd i have great confidence in phil's ability to lead our tremendous team there


And we are continuing to expand that. I think I've commented that where we see really, really significant success in adding fresh food is in the urban markets.

and we are continuing to expand that i think i've commented that where we see really really significant success in adding fresh food is in the urban markets


as indicated in our release, we will enter the expansion phase. We want to do everything in a very consistent and sound way

as indicated in our release we will enter the expansion phase we want to do everything in a very consistent and sound way


How are you feeling about where we're at from that perspective? And do you think that the lower levels of demand, given the higher

how are you feeling about where we're at from that perspective and do you think that the lower levels of demand given the higher


and on a track to generate superior value for our stakeholders. And now I'll pass the call to Vince. Thank you, Chris.

and on a track to generate superior value for our stakeholders and now i'll pass the call to vince thank you chris


means that we were able to compensate part of the volume decline through other effects,


It's worth noting that this annual dollar retention on a net basis continues to exceed 100%, demonstrating that we have

it's worth noting that this annual dollar retention on a net basis continues to exceed 100% demonstrating that we have


On the other hand, they have immediately put a bill in place and passed it already through the first Chamber of the French Parliament,

on the other hand they have immediately put a bill in place and passed it already through the first chamber of the french parliament


and small companies that might be acquirable. I think that's actually a more relevant model for agriculture than for construction.

and small companies that might be acquireable i think that's actually a more relevant model for agriculture than for construction


In addition, to our strong operating results in the quarter, we also continue to focus on our capital structure as a means to increase value to shareholders.

in addition to our strong operating results in the quarter we also continue to focus on our capital structure as a means to increase value to shareholders


The tower creates the first on-campus wireless access and offers an equal access to all -- for all of our financial ecosystem customers.

the tower creates the first on-campus wireless access and offers an equal access to -- for all of our financial ecosystem customers


We'll do what we've done in the past, and as -- if we conclude an asset's worth more on the market to the market than it is to us, then we'll make the correct shareholder

we'll do what we've done in the past and as if we conclude an asset worth more on the market to the market than it is to us then we'll make the correct shareholder


was a strong negotiation. And finally, we were able to acquire all the float and directly to the list the company

there was a strong negotiation and finally we were able to acquire all the float and directly to delist the company


As we plan to contract renewal discussions, we continue to evolve our model and offering to ensure mutually acceptable return structure with current and future anchor partners,

as we plan for contract renewal discussions we continue to evolve our model and offering to ensure a mutually acceptable return structure with current and future anchor partners


even regardless of the margins entailed within them. And Alex, if I could just add, I think you understand this, but our accounting positions were

even regardless of the margins entailed within them yes and alex if i could just add i think you understand this but our accounting positions we're


Now let me provide you with some details behind our guidance and trends that we see developing in our businesses.

now let me provide you with some details behind our guidance and trends that we see developing in our businesses


Ultimately, hedges roll off and we expect the company's cash flows over the next 2 years to significantly improve as a result.

ultimately hedges roll off and we expect the company's cash flows over the next 2 years to significantly improve as a result


Please turn to Slide 7. We continue to expand to meet the demand that we see.

please turn to slide 7 we continue to expand to meet the demand that we see


and if we compare it to the corresponding period of the previous year, that situation was totally different. We had flat bond yields,

and if we compare it to the corresponding period of the previous year that situation was totally different we had flat bond yields


we haven't seen it yet, but we don't know if competitors are going to get more aggressive and compete away the benefit of the tax cut

we haven't seen it yet but we don't know if competitors are going to get more aggressive and compete away the benefit of the tax cut


clearly, January's been cold and we had snow on the ground. But to the extent that we moved through the first quarter here and get into the spring purchase market,

clearly january has been cold and we had snow on the ground but to the extent that we move through the first quarter here and get into the spring purchase market


I mean, this is -- it's clearly a step up in the level of technology spend that we have going on at the company.

i mean this is -- it's clearly a step up in the level of technology spend that we have going on at the company


So there are a couple of options in there, and I'd say that we have opportunities for inorganic growth in both of those areas.

so there are a couple of options in there and i'd say that we have opportunities for inorganic growth in both of those areas


a last question on Comparison Services is, I think if you look at the growth rate you achieved excluding

a last question on comparison services is i think if you look at the growth rate you achieved excluding the


I use those words because you just -- we really do have to monitor it over a little bit longer period of time. I'm not talking about quarters, but

i use those words because you just -- we really do have to monitor it over a little bit longer period of time i'm not talking about quarters but


Second, they're going to be smaller stores, for sure. And the way they're going to be smaller is to use technology to enable

second they're going to be smaller stores for sure and the way they're going to be smaller is to use technology to enable


we can also see that our strong discipline in driving profitability has clearly shown into -- in the combined ratios.


several years to go from concept to legislation to program to rule to -- and to start-up and then to

several years to go from concept to legislation to program to rule to operation and to start up and then to


The segment was unfavorably impacted by a 5% decline from foreign currency translation.

the segment was unfavorably impacted by a 5% decline from foreign currency translation


as we move into '18, since all the engines will be the zero equivalent, this will also position us quite well for additional growth

as we move into '18 since all the engines will be the 0 equivalent this will also position us quite well for additional growth


Interest payments reduced with lower interest costs, as I shared earlier, and we had a benefit from the timing of payments year-on-year.

interest payments reduced with lower interest costs as i shared earlier and we had a benefit from the timing of payments year-on-year


Key drivers of the lower interest rate were the reduction of debt in United Spirits as well as the maturity of higher rate Diageo bonds.

key drivers of the lower interest rate were the reduction of debt in united spirits as well as the maturity of higher rate diageo bonds


and the focus going forward will be to drive penetration in Kenya, brand building of the Ceres brand and then start working on the neighboring markets.

and the focus going forward will be to drive penetration in kenya brand building of the sears brand and then start working on the neighboring markets


Our AI tools will extract the information for the police record system. And in the future that we are building, records will be recorded, not written.

our ai tools will extract the information for the police record system and in the future that we are building records will be recorded not written


There is nothing that is absolutely imminent in that pipeline, but really that is the same story as we've talked about before.

there is nothing that is absolutely imminent in that pipeline but really that is the same story as we've talked about before


We are encouraged by the strong new business signings in the quarter, and we see substantial opportunity for future growth across our client base.

we are encouraged by the strong new business signings in the quarter and we see substantial opportunity for future growth across our client base


Got it. But just to clarify here, is this a CapEx opportunity in your mind down the line? And in the near term, is that one of the reasons that it

got it but just to clarify here is this a capex opportunity in your mind down the line and in the near term is that one of the reasons that it


So it's pretty wide and diverse, and those discussions are going on, on a variety of different fronts with small to large companies.

so it's pretty wide and diverse and those discussions are going on on a variety of different fronts with small to large companies


and with state legislator to advocate for solutions to expand coverage to people in our markets.

and with state legislatures to advocate for solutions to expand coverage to people in our markets


but we expect that to have a relatively minor impact both in terms of passengers and indeed in terms of revenues.


Third was the signing of a license agreement with MedImmune in which we monetized one of our programs for an application,

third was the signing of a license agreement with medimmune in which we monetized one of our programs for an application


And the second question I had was around the volumes of textbooks that you're seeing being bought in Brazil.

and the second question i had was around the volumes of textbooks that you're seeing being bought in brazil


Halls grew mid-single digits, driven by strong support behind the new Halls air campaign that's now been rolled out across Europe,

halls grew mid-single digits driven by strong support behind the new halls air campaign that's now been rolled out across europe


We continue to drive down overhead cost as a percentage of revenue, leveraging ZBB to identify areas of opportunity and capture the savings.

we continue to drive down overhead costs as a percentage of revenue leveraging zbb to identify areas of opportunity and capture the savings


the technology and the services around that technology into the affiliated space. So that is front and center

the technology and the services around that technology into the affiliated space so that is front and center


So looking ahead, I'm excited about the opportunity at SMART to further leverage on a strong execution capability that is demonstrated so well,

so looking ahead i'm excited about the opportunity at smart to further leverage on a strong execution capability that we've demonstrated so well


Good morning, ladies and gentlemen. Welcome to a very full house here.

good morning ladies and gentlemen welcome to a very full house here


Today, we're comfortable with our U.S. circuit pricing. However, that's not to say we aren't monitoring currently available subscription programs

today we're comfortable with our u s circuit pricing however that's not to say we aren't monitoring currently available subscription programs


this very impressive Phase II data set that not only we're talking about but we find the investigators are talking about amongst themselves.

this very impressive phase ii dataset that not only we're talking about but we find the investigators are talking about amongst themselves


Robert and I were both in Miami shortly after Hurricane Irma and witnessed, firsthand, how our team came together to take care of our passengers and each other.

robert and i were both in miami shortly after hurricane irma and witnessed firsthand how our team came together to take care of our passengers and each other


in discussions with other opportunities, at different levels of discussions. But no money has changed hands with any of these other opportunities in China.

in discussions with other opportunities at different levels of discussions but no money has changed hands with any of these other opportunities in china


we saw growth in new high performance CompactRIO systems in advanced manufacturing applications that help offset this decline.

we saw growth in new high-performance compact rio systems in advanced manufacturing applications that helped offset this decline


For us, the way we've been really approaching our business in general is that we're really focused on OpEx and getting our cost structure in place so that we can be

for us the way we've been really approaching our business in general is that we're really focused on opex and getting our cost structure in place so that we can be


And we continue to develop operational execution and pursue potential to create further value. Why do we focus sometimes

and we continue to develop operational execution and pursue potential to create further value why do we focus sometimes


Thank you, Jim. So turning to Slide 16. All segments contributed to improved financial performance this quarter as compared to last year.

thank you jim so turning to slide 16 all segments contributed to improved financial performance this quarter as compared to last year


and now with One Touch seller sign-up, we are making it easier than ever for merchants to begin selling in a new marketplace or digital channel. In fact,

and now with one-touch seller sign-up we are making it easier than ever for merchants to begin selling in a new marketplace or digital channel in fact


In addition, we remain excited about the numerous global growth initiatives for the combined firm, which we will quantify and discuss today.

in addition we remain excited about the numerous global growth initiatives for the combined firm which we will quantify and discuss today


We intend to leverage our retail store footprint and traffic to bring new wireless products and services to an underserved business community.

we intend to leverage our retail store footprint and traffic to bring new wireless products and services to an underserved business community


where there are still many corporates who are served by companies or stock plan providers who are changing


And we'll continue to do that, right? It's not going to impact our operating margin. We find the moneys and the expense, costs from elsewhere in the organization and we'll redeploy it.

and we'll continue to do that right it's not going to impact our operating margin we find the monies and the expense costs from elsewhere in the organization and we'll redeploy it


They are, of course, given the opportunity to continue to move forward but outside of their insurance, which naturally very few take.

they're of course given the opportunity to continue to move forward but outside of their insurance which naturally very few take


that is certainly something we would look at. That said, it's a little early right now to know definitively how this is going to play out, but we remain optimistic.

that is certainly something we would look at that said it's a little early right now to know definitively how this is going to play out but we remain optimistic


Comparing our pay plans to a peer group determined by the consulting firm to have attributes that were similar to us.

comparing our pay plans to a peer group determined by the consulting firm to have attributes that were similar to us


The joint venture operating agreement is the last remaining agreement that needs to be signed to complete our joint venture arrangement with AREVA Inc.

the joint venture operating agreement is the last remaining agreement that needs to be signed to complete our joint venture arrangement with areva inc


just to make sure they understand where we're going. Like every -- we want to make sure that all of our large investors understand our strategy and how we think about the future and the potential of the business,

just to make sure they understand where we're going like every -- we want to make sure that all of our large investors understand our strategy and how we think about the future and the potential of the business


for the balance of the year. We continue to work with the manufacturer of Erwinaze to increase the predictability and timeliness of product releases

for the balance of the year we continue to work with the manufacturer of irinotecan to increase the predictability and timeliness of product releases


help us understand, is that a tool that you can use to help facilitate changes to the DRG payment? Is that something that's in your control at all?

help us understand is that a tool that you can use to help facilitate changes to the drg payment is that something that's in your control at all


to advance in the clinical development. We are working with multiple companies toward the goal of improving the target profile and reliability of supply.

to advance into clinical development we are working with multiple companies toward the goal of improving the target profile and reliability of supply


and very large institutional investors are requiring change and social responsibility from the energy industry.


and it reflects all the merchandise presentation changes that we've made over times in terms of when we open new stores. So

and it reflects all the merchandise presentation changes that we've made over times in terms of when we open new stores so


On the oil sands side, you know our long history in Cold Lake and then, looking at how we stepped the technology out further

on the oil sand side our long history in cold lake and then looking at how we step the technology out further


It comes across as part of our web services framework, but it allows us to keep on offering more and more of such services and connect them to

it comes across as part of our web services framework but it allows us to keep on offering more and more of such services and connect them to


We only did what the merchant told us in terms of these are the number of units and this is the price at which I would like to sell.

we only did what the merchant told us in terms of these are the number of units and this is the price at which i would like to sell


Starting next quarter, Q4, we will no longer have any of this legacy revenue in our results, which we believe will make it easier for investors to understand our true underlying growth.

starting next quarter q4 we will no longer have any of this legacy revenue in our results which we believe will make it easier for investors to understand our true underlying growth


These decreases were partially offset by the impact of new business, net same-store growth and higher earnings in our Pharmacy business.

these decreases were partially offset by the impact of new business net same-store growth and higher earnings in our pharmacy business


As a result, the story remains the ongoing balance of economics between energy and capacity, particularly with the upcoming elimination of the base product.

as a result the story remains the ongoing balance of economics between energy and capacity particularly with the upcoming elimination of the base product


and the pipelines and capacity which will apply are operationally feasible to execute and consistent with the policy decision to establish the auction.

and the pipelines and capacity to which it will apply are operationally feasible to execute and consistent with the policy decision to establish the auction


I mean, I feel very good about the leadership team on sales and marketing in general, but I think the wound side is making progress at a very good pace.

i mean i feel very good about the leadership team on sales and marketing in general but i think the room side is making progress at a very good pace


how much of this is reflective and something that was something that they were looking at? And how much of it is different, but business that you passed on to them?

how much of this is reflective in something that was something that they were looking at and how much of it is different but business that you pass on to them


and I just want to circle back on it, the strength in Louisiana volumes. Just a question, I know your -- the guidance you had put forth, I think, originally in

and i just want to circle back on it the strength in the louisiana volumes just a question i know your -- the guidance you had put forth i think originally in


And so I see us being fully hedged in 2020. The real question is at what point we do that. I have a little bit of a more optimistic view, but

and so i see us being fully hedged in 2020 the real question is at what point we do that i have a little bit of a more optimistic view


As we heighten our focus on returns in 2019, we look to allocate capital to the highest return prospects within the portfolio.

as we heighten our focus on returns in 2019 we look to allocate capital to the highest return prospects within the portfolio


For these reasons, we believe the future looks bright, and we will continue to deliver a long-term value for our customers and shareholders.

for these reasons we believe the future looks bright and we will continue to deliver long-term value for our customers and shareholders


and we believe we are well positioned for profitable long-term growth. Alan will provide further insight and our outlook.

and we believe we are well positioned for profitable long-term growth alan will provide further insight and our outlook


such a monumental task. And the fact that we've been able to not only maintain the existing network we have but expand some of those existing facilities

such a monumental task and the fact that we've been able to not only maintain the existing network we have but expand some of those existing facilities


maintaining our operating discipline and further developing our future growth initiatives. And with that, I'll hand over to Michel.

maintaining our operating discipline and further developing our future growth initiatives and with that i'll hand over to michel


are much more fundamental as it relates to promoted price points and this -- the pressure that we see on the conventional side of the business.

are much more fundamental as it relates to promoted price points and the pressure that we see on the conventional side of the business


The restructuring program has been challenging at times, and the related distractions have complicated the efforts of implementing new strategic initiatives.

the restructuring program has been challenging at times and the related distractions have complicated the efforts of implementing new strategic initiatives


The Electricity System Operator will carry out its existing functions as well as take on new responsibilities, including the promotion of smart solutions.

the ultrac system operator will carry out its existing functions as well as take on new responsibilities including the promotion of smart solutions


Third quarter financial results were generally in line with expectations. And we exited the quarter with a strong balance sheet and positive momentum

third quarter financial results were generally in line with expectations and we exited the quarter with a strong balance sheet and positive momentum


and we have cross licensing agreement with Solvay against the Chinese manufacturers. We do expect that to be a positive for us in the long term, Phil.

and we have cross-licensing agreement with salve against the chinese manufacturers we do expect that to be a positive for us in the long term sell


And so it provides motivation for them to look for a creative answer that will help a number of distribution channels in many different companies. So

and so it provides motivation for them to look for a creative answer that will help a number of distribution channels in many different companies so


Forward-looking statements are not guarantees, and our actual results may differ materially from those expressed or implied in the forward-looking statements.

forward-looking statements are not guarantees and our actual results may differ materially from those expressed or implied in the forward-looking statements


We are proud of our ability to offer employees a long-term career path either as a sales associate or in a leadership position

we are proud of our ability to offer our employees a long-term career path either as a sales associate or in a leadership position


These results are consistent with our announced plans and strategy to vacate and redevelop spaces,

these results are consistent with our announced plans and strategy to vacate and redevelop spaces


the truck market gets better and the used truck market doesn't get better? Because I think some people have that view right now of that's what's going to be happening.

the truck market gets better and the used truck market doesn't get better because i think some people have that view right now that's what's going to be happening


operations, systems, logistics will provide the infrastructure to continue growing Europe and other international markets in the years ahead.

operations systems logistics will provide the infrastructure to continue growing europe and other international markets in the years ahead


target greater asset productivity and develop more efficient relationships with our external providers.


This will improve our value to our customers by providing deeper industry expertise and market insights to address their needs.

this will improve our value to our customers by providing deeper industry expertise and market insights to address their needs


As we begin 2016, our focus is on continued operational excellence and providing great service to our customers who count on us for their important programs.

as we begin 2016 our focus is on continued operational excellence and providing great service to our customers who count on us for their important programs


Few have announced plans to shift into more profitable applications or to exit LED production altogether.

few have announced plans to shift into more profitable applications or to exit led production altogether


In our non-QM loan strategy, we reached critical mass for a second securitization, which I'm happy to announce we actually just priced earlier this morning.

in our non-qm loan strategy we reached critical mass for a second securitization which i'm happy to announce we actually just priced earlier this morning


Last quarter, we also mentioned that we may make investments in our business by adding to our investment staff, which would increase our operating expenses.

last quarter we also mentioned that we may make investments in our business by adding to our investment staff which would increase our operating expenses


I was wondering if you could talk to the decision to grow the development pipeline and maybe comment on land prices and construction costs.

i was wondering if you could talk to the decision to grow the development pipeline and maybe comment on land prices and construction costs


and you reduce that factor, we'd still be in the low double digits. Frankly, those are increases that I'm proud of and I think work for our shareholders.

and you reduce that factor we'd still be in the low double digits frankly those are increases that i'm proud of and i think work for our shareholders


So it gives us certainty over -- at all times over a 3-year period and if there is a termination, then we've got 3 years to find somebody to replace them.

and so it gives us certainty over a -- at all times over a 3-year period and if there is a termination then we've got 3 years to find somebody to replace them


I think we've been clear that we expect international to grow but not at a rate faster than the rest of the business is growing. So as a mix,

i think we've been clear that we expect international to grow but not at a rate faster than the rest of the businesses growing so as a mix


Our print and technology sales teams are building a strong pipeline of opportunities and we hope to convert them in the coming quarters.

our print and technology sales teams are building a strong pipeline of opportunities and we hope to convert them in the coming quarters


I think we're comforted by the fact that our position in the market is so strong and our ability to obtain allocation is obviously quite important.

i think we're comforted by the fact that our position in the market is so strong and our ability to obtain allocation is obviously quite important


And those new investors are truly right on the front end of the value creation for us, where they can have a great experience in their first fund.

and those new investors are truly right on the front end of the value creation for us where they can have a great experience in their first fund


it lacks clarity from our side. Please explain what the reaction from the patient community were like to this open letter?

it lacks clarity from our side please explain what the reaction from the patient community will like to this open letter


And then I see what is a net cost impact per truck and see how the margins are getting impacted. The moment the margins are getting impacted, we start to raise prices.

and then i see what is the net cost impact for truck and see how the margins are getting impacted the moment the margins are getting impacted we start to raise prices


The cost of the growth, without question, is a very key hurdle going forward. To that end, we have significantly reduced the cost side of the business.

the cost of the growth without question is a very key hurdle going forward to that end we have significantly reduced the cost side of the business


We opened those doors after we got our refinancing. People are dying to work with us, which will seem to be a surprise to everyone. But with our distribution network,

we opened those doors after we got our refinancing people are dying to work with us which would seem to be a surprise to everyone but with our distribution network


We believe our continued focus in these areas will create significant value for our shareholders as we move forward through the year.

we believe our continued focus in these areas will create significant value for our shareholders as we move forward through the year


tires, those are the old manufacturing industries that we don't have that much exposure on. Let's talk about solar.

tires those are the old manufacturing industries that we don't have that much exposure on let's talk about solar


and format it in a way that the building -- it can be passed on to the billing system seamlessly. And that's where the challenge comes in because

and format it in a way that the building -- it can be passed on to the building system seamlessly and that's where the challenge comes in because


There were no significant changes in our balance sheet. Inventories are a little higher due to the delay of certain shipments until later in the year.

there were no significant changes in our balance sheet -- in our balance sheet inventories are a little higher due to the delay of certain shipments until later in the year


On the front store side of the business, it is all about getting back to growth. We will continue to expand and grow our complementary product mix in health and beauty

on the front store side of the business it is all about getting back to growth we will continue to expand and grow our complementary product mix in health and beauty


We will continue to strategically add incremental capacity to drive higher levels of profitability in our toll processing operations.

we will continue to strategically add incremental capacity to drive higher levels of profitability in our toll processing operations


now that we think we've got an operating model that works pretty well. And that's what's behind the desire to move from exhibition organizer to market maker.

now that we think we've got an operating model that works pretty well and that's what's behind the desire to move from exhibition organizer to market maker


I am particularly proud of the hundreds of fellow NOV employees who pitched in to help their coworkers, families and friends and neighbors by rescuing those

i am particularly proud of the hundreds of fellow nov employees who pitched in to help their coworkers families and friends and neighbors by rescuing those


What have been the primary retail strategies and tactics that you have employed to ride out this weaker period?

what have been the primary retail strategies and tactics that you have employed to ride out this weaker period


spreads out across all these screens and platforms. And also, I think reinforces our point that we're already able to measure all this stuff, even though it's not all included

spreads out across all these screens and platforms and also i think reinforces our point that we're already able to measure all this stuff even though it's not all included


So we've had a lot of conversations with clients in the marketplace historically already, and we already have a pretty good sense of where they would like to see us go first.

so we've had a lot of conversations with clients in the marketplace historically already and we already have a pretty good sense of where they would like to see us go first


So I'm not sure I could point to one thing, but I would say it's a cumulative number of these

so i'm not sure i could point to one thing but i would say it's the cumulative number of these


Realized prices on pipeline sales are expected to be significantly higher than on truck export or local sales.

realized prices on pipeline sales are expected to be significantly higher than on truck export or local sales


Roger will then discuss our quarter 4 performance in more detail. And we'll then open the call up for any questions that you may have.

roger will then discuss our quarter 4 performance in more detail and we'll then open the call up for any questions that you may have


Unit manufacturing costs were moderately higher than the previous quarter, with the severe weather conditions contributing to higher purchase wood and log hauling cost

unit manufacturing costs were moderately higher than the previous quarter with the severe weather conditions contributing to higher purchase wood and log hauling costs


Those targets, as with all of our early-stage targets, are unlikely to be disclosed until the programs get a little bit further down the track. But I think you can reasonably

those targets as with all of our early-stage targets are unlikely to be disclosed until the programs get a little bit further down the track but i think you can reasonably


But I think the amount of enthusiasm that we built up with that product line undoubtedly has a bit of an impact

but i think the amount of enthusiasm that we built up with that product line undoubtedly has a bit of an impact


This reminds us of a few years ago, when your competitors were engaged in unrational activities. So what's your strategy?

this reminds us of a few years ago when your competitors were engaged in irrational activities so what's your strategy


that will go -- that will lead into dropped duplication, the distance between a house or that you need to pass before you can deliver to the next households

that will go -- that will lead into drop duplication the distance between a household that you need to pass before you can deliver to the next household


Since our announcement in November, our partners have sprung into action, ramping up their Cornerstone practices and, in some cases,

since our announcement in november our partners have sprung into action ramping up their cornerstone practices and in some cases


On January 2, we appointed Jeff Lautenbach to the position of President of Global Field Operations.

on january 2 we appointed jeff lattenbach to the position of president of global field operations


And the learning experience cycle did have a big impact on us, again, for a very brief period of time.

and the learning experience cycle did have a big impact on us again for a very brief period of time


one in France and the other in Germany, certainly helps our long-term opportunity there as we continue to penetrate the market.

one in france and the other in germany certainly helps our long-term opportunity there as we continue to penetrate the market


As anticipated, our Fluids business turned in another solid quarter and we are confident that the team's execution

as anticipated our fluids business turned in another solid quarter and we are confident that the team's execution


We are pleased with the financial performance of the Reliable acquisition, especially considering the strong demand in the auto lending sector in Puerto Rico.

we are pleased with the financial performance of the reliable acquisition especially considering the strong demand in the auto lending sector in puerto rico


basket of revenue and think about that in a transition to subscription, and here's a rule of thumb that we think about. If

basket of revenue and think about that in a transition to subscription here's a rule of thumb that we think about if


That really relates to largely special proxies in addition to what Dave mentioned specific to this quarter.

that really relates to largely special proxies in addition to what dave mentioned specific to this quarter


So these are the things where we believe we have a lead and where we believe we have good technologies.

so these are the things where we believe we have a lead and where we believe we have good technologies


We see the long-term benefit of being able to provide customers a total solution of sand delivery from mine to the wellsite with our wellsite solution.

we see the long-term benefit of being able to provide customers a total solution of sand delivery from mine to the wellsite with our wellsite solution


We were pleased with our overall execution in the quarter as our team expertly navigated a period of interest rate volatility and intense competition

we were pleased with our overall execution in the quarter as our team expertly navigated a period of interest rate volatility and intense competition


You've also seen the average order value continue to increase. This is something that's been growing over the past few years.

you've also seen the average order value continue to increase this is something that's been growing over the past few years


create that executive intimacy that has been so powerful for us and truly give the sales team a great head start into the back half of the year.


of the Russian market. We don't see it quite yet. But at least, the dialogue is improving from where it's been over the last 48 months or so.

of the russian market we don't see it quite yet but at least the dialogue is improving from where it's been over the last 48 months or so


enabled us to meet the spike in demand during the hot summer months of July and August and post strong sales.

enabled us to meet the spike in demand during the hot summer months of july and august and post strong sales


In addition to the GAAP reporting, we report certain financial measures that do not conform to generally accepted accounting principles.

in addition to the gaap reporting we report certain financial measures that do not conform to generally accepted accounting principles


we've given a tremendous amount back through dividends and buybacks. And so as we think about what the future looks like,

we've given a tremendous amount back through dividends and buybacks and so as we think about what the future looks like


we talked about seeing it. We talked about getting rate. Did we get enough? Maybe not. We accelerated it. We'll continue to accelerate if we need

we talked about seeing it we talked about getting rate did we get enough maybe not we accelerated it we'll continue to accelerate if we need


we've included a second chart that shows estimated durations of our loans, securities, deposits and borrowings. You'll see that our loan book is very short

we've included a second chart that shows estimated durations of our loans securities deposits and borrowings you'll see that our loan book is very short


And Expert Agent is a property software provider that provides essential systems for the day-to-day management of estate agents and letting agents businesses

an expert agent is a property software provider that provides essential systems for the day-to-day management of estate agents and letting agents businesses


we're starting to leverage our traffic and data to extend our services and drive more leads in both the property and comparison divisions.


mortgage is better than it is when it has a fantastic quarter like the third quarter or worse than it is when it has a soft quarter like the fourth quarter.


Why was it so high and is it kind of sustainable because it tends to build throughout the year due to seasonality? But what are your thoughts there?

why was it so high and is it kind of sustainable because it tends to build throughout the year due to seasonality but what are your thoughts there


As we have successfully done in the past, our plan is to support their impressive results by sharing best practices with one another.

as we have successfully done in the past our plan is to support their impressive results by sharing best practices with one another


that beyond Q4 you should start to see inflation gradually start to moderate. The other thing that we're seeing is -- now that was commodities. If you'll look at freight,

that beyond q4 you should start to see inflation gradually start to moderate the other thing that we're seeing is now that was commodities if you look at freight


to exploration driven organic growth drove increases to premium net resource potential of 2.2 billion barrels of oil equivalent,

to exploration-driven organic growth drove increases to premium net resource potential of 2 2 billion barrels of oil equivalent


We have skewedness of some of our innovations towards the second half. So that's why we are rightfully flagging to the market that the whole year

we have a skewness of some of our innovations towards the second half so that's why we are rightfully flagging to the market that the whole year


more costly to do it there. As far as the tax change, we do look at these investments on an after-tax basis.

more costly to do it there as far as the tax change we do look at these investments on an after-tax basis


Above all, we remain fully committed to the contract, and our focus continues to be delivery of high-quality assessment services.

above all we remain fully committed to the contract and our focus continues to be delivery of high-quality assessment services


Separately, DWP has confirmed with us that the Secretary of State is focused on potential changes to the Fit for Work contract.

separately dwp has confirmed with us that the secretary of state is focused on potential changes to the fit-for-work contract


and then also no one single contract over 10%. We think we have diminished the risk that maybe worried investors here in the last couple of years.

and then also no one single contract over 10% we think we have diminished the risk that maybe worried investors here in the last couple of years


that much at all from a historical standpoint. And we feel very good about continuing to build out the store footprint

that much at all from a historical standpoint and we feel very good about continuing to build out the store footprint


Unfortunately, markets like DRC and Zimbabwe continue to be a drag on the portfolio given the prevailing macro conditions

unfortunately markets like drc and zimbabwe continue to be a drag on the portfolio given the prevailing macro conditions


Historically, we have commented that our earnings potential is much greater today at lower industry unit levels than before the financial crisis.

historically we have commented that our earnings potential is much greater today at lower industry unit levels than before the financial crisis


that goes back to the commentary that we provided when Ross asked his question. We're very, very conservative. So a pushout of production of

that goes back to the commentary that we provided when ross asked this question we're very very conservative so a pushout of production of


This will be a normal part of the way we do business, eventually creating a world-class organization well positioned for all parts of the cycle.

this will be a normal part of the way we do business eventually creating a world-class organization well positioned for all parts of the cycle


on the flip side, for whatever comes out next, could that mean you get some increased content on the -- whatever the Note 8 or whatever the next generation is?

on the flip side for whatever comes up next could that mean you get some increased content on the -- whatever the note 8 or whatever the next generation is


This is readily evidenced by the significant expansion of our compliance programs and our portfolio stress testing that is required of larger banks.

this is readily evidenced by the significant expansion of our compliance programs and our portfolio stress testing that is required of larger banks


For example, the reduction of utility subsidies in Argentina is impacting consumer disposable income and, in turn, our business.

for example the reduction of utility subsidies in argentina is impacting consumer disposable income and in turn our business


I think the fact that favorable weather caused more work to get done would suggest that on the other side of the contractor, there are more homeowners who are interested in improving their house.

i think the fact that favorable weather caused more work to get done would suggest that on the other side of the contractor there are more homeowners who are interested in improving their house


and also our ability to carry forward with our strategy to develop and build our position in marketing our multiple technology platforms


as we think about next year and given the full year guidance and then the guidance for the first quarter, can you just talk about how you see that trending throughout the year

as we think about next year and given the full year guidance and then the guidance for the first quarter can you just talk about how you see that trending throughout the year


And during the first quarter, we enjoyed steady rates and charter activity, supported by strong underlying demand sustaining firm prices

and during the first quarter we enjoyed steady rates and charter activity supported by strong underlying demand sustaining firm prices


that allow us to have the reach into broader parts of the country. So the investments that we're making in all of our geographies are designed

that allow us to have the reach into broader parts of the country so the investments that we're making in all of our geographies are designed


I have no doubt that Dirk, together with our strong leadership team, will continue to achieve even greater success in the years ahead.

i have no doubt that dirk together with our strong leadership team will continue to achieve even greater success in the years ahead


is just like you mentioned. You've got the crazy guy, and I go see the big farmers, who all have more than 1 piece of equipment

is just like you mentioned you got the crazy guy and i go see the big farmers who all have more than one piece of equipment


Our systems provide extraordinary geographic reach and connectivity, both of which, we believe provide real value to our customers.

our systems provide extraordinary geographic reach and connectivity both of which we believe provide real value to our customers


Yes, look, I think it's -- in the quarter, a lot of the tax benefit that we had in the prior year was in the fourth quarter, the biggest piece of it.

yes look i think it's -- in the quarter a lot of the tax benefit that we had in the prior year was in the fourth quarter the biggest piece of it


moderating of the competitive environment over the last few months. There continues to be some changes in that, and

moderating of the competitive environment over the last few months there continues to be some changes in that and


Now one thing also that we have to look at is that we're trying to eliminate all those small shipments

now one thing also that we have to look at is that we're trying to eliminate all those small shipments


before almost 2030. So that's why it's so important for us to have really a good footprint

before almost 2030 so that's why it's so important for us to have really a good footprint


and move them into networks, not just wired, but also wireless network. And it is an area that we are seeing a tremendous growth and tremendous demand in

and move them into networks not just wired but also wireless network and it is an area that we are seeing tremendous growth and tremendous demand in


We've replaced Parkside and have made every attempt to minimize the adverse impact of this event on the project's schedule and budget.

we've replaced parkside and have made every attempt to minimize the adverse impact of this event on the project schedule and budget


And we've got lots of windows into how the consumer is behaving with everything from our financial services business to a multitude of categories

and we've got lots of windows into how the consumer is behaving right with everything from obviously our financial services business to a multitude of categories of


a little higher than our 4-quarter average, I think we're looking to try to increase that relationship which will drive

a little higher than our 4 quarter average i think we're looking to try to increase that relationship which will drive


This decrease is primarily attributable to lower order volume and a reduction in funds received.

this decrease is primarily attributable to lower order volume and a reduction in funds received


much more focused on that now. It's an anomaly of a lot going on and it really is somewhat of an anomaly for the first half.

much more focused on that now it's an anomaly of a lot going on and it really is somewhat of an anomaly for the first half


But at some point, I assume that we will come to some sort of agreement, which we believe should be quota-based. But I think we're still a ways off from that.

but at some point i assume that we will come to some sort of agreement which we believe should be quota-based but i think we're still a ways off from that


In foodservice, items such as HORMEL BACON 1 fully cooked bacon and HORMEL pepperoni delivered excellent growth during the quarter.

in food service items such as hormel bacon one fully cooked bacon and hormel pepperoni delivered excellent growth during the quarter


and now Paymentus, that utilize the full scope of PayPal's platform to drive mutual value for our joint customers.

and now paymentus that utilize the full scope of paypal's platform to drive mutual value for our joint customers


And so there was just a number of instances around the firm where capital was being deployed very, very inefficiently. Again, it goes back to differences of the 2 firms.

and so there were just a number of instances around the firm where capital was being deployed very very inefficiently again it goes back to the differences of the 2 firms


So we think that the ability to raise guidance while absorbing these items is certainly reflective of the strong performance of the business.

so we think that the ability to raise guidance while absorbing these items is certainly reflective of the strong performance of the business


So how should we look at that, given that you kind of given this guided to reduction in transactional volumes for next year?

so how should we look at that given that you've kind of given this guided to reduction in transactional volumes for next year


Together with our talented and dedicated employees, I'm confident we will continue to deliver value to our shareholders. Thank you for your time.

together with our talented and dedicated employees i'm confident we will continue to deliver value to our shareholders thank you for your time


we have a comprehensive development program in place for Rova-T to evaluate this promising therapy in earlier lines of treatment in small cell lung cancer

we have a comprehensive development program in place for ova-t to evaluate this promising therapy in earlier lines of treatment in small cell lung cancer


We remain excited about this potential new medicine for women with both of these highly prevalent conditions where there are few effective treatment options.

we remain excited about this potential new medicine for women with both of these highly prevalent conditions where there are few effective treatment options


again, all else being equal. So the goal always is to build scale to the extent reasonable and to the extent we still have

again all else being equal so the goal is always is to build scale to the extent reasonable and to the extent we still have


Now please turn to Slide 10. You know that Air Products continues to be very focused on cash flow.

now please turn to slide 10 you know that air products continues to be very focused on cash flow


We expect the new 300 million standard cubic foot a day expansion of our existing relationship to commence later this year.

we expect the new 300 million standard cubic foot a day expansion of our existing relationship to commence later this year


Looking at the regional bank's balance sheet on Slide 7. You can see the strong growth in multiple areas of our commercial portfolios.

looking at the regional bank's balance sheet on slide 7 you can see the strong growth in multiple areas of our commercial portfolios


after the peak season, things will go back to normal level.

after the peak season things will go back to normal level


and for assessing oil production from individual stages of unconventional horizontal completions. Recently, an operator in the Eagle Ford formation

and for assessing oil production from individual stages of unconventional horizontal completions recently an operator in the eagle ford formation


Please note that the company's actual results may differ from those anticipated by such forward-looking statements for a variety of reasons, many of which are beyond our control.

please note that the company's actual results may differ from those anticipated by such forward-looking statements for a variety of reasons many of which are beyond our control


In prior years, we would buy a lot more polyethylene, knowing that part of that would need to be recycled.

in prior years we would buy a lot more polyethylene knowing that part of that would need to be recycled


aluminum railing line from Reveal to Signature . We're in the process of insourcing that to Trex. We've been working with a very capable supplier

aluminum railing line from reveal to signature we're in the process of insourcing that to trex we've been working with a very capable supplier


While the timing will impact our cash flow in any given quarter, we feel very good about the long-term cash flow trajectory for the company.

while the timing will impact our cash flow in any given quarter we feel very good about the long-term cash flow trajectory for the company


as it relates to the mix within the different parts of Hydratight? And I guess, as a corollary to that, I assume that

as it relates to the mix within the different parts of hydro tight and i guess as a corollary to that i assume that


This will bring the standardization of component manufacturing, development and sales to all of our customers and further improve the results.

this will bring the standardization of component manufacturing development and sales to all of our customers and further improve the results


We have been working to focus our time and capital commitments first to the programs that are truly moving the needle and in the shortest time possible.

we have been working to focus our time and capital commitments first to the programs that are truly moving the needle and in the shortest time possible


and are currently evaluating and refining our clinical and operating plans as we consider the potential of our current core value drivers.


We anticipate that the next step in this journey will be the implementation of a cloud-based data-driven store staffing and scheduling system

we anticipate that the next step in this journey will be the implementation of a cloud-based data-driven store staffing and scheduling system


the impact of distributed solar and the impact on consumption of lower oil and natural gas prices on some of our larger customers.


What Infibeam had as a knowledge is that a system like Unicommerce will come and tell us these many products are there

what intibeam had is the knowledge is that a system like unicomer will come and tell us these many products are there


The other thing is we still have some impact on the -- it hits the payment side as well and just all the products we're sunsetting. One of the largest products

the other thing is we still have some impact on the -- it hits the payment side as well of just all the products we're sunsetting one of the largest products


Even though volumes came in at the lower end of our forecasted range, full year returns from our mortgage banking platform were above the high end of this range.

even though volumes came in at the lower end of our forecasted range full year returns from our mortgage banking platform were above the high end of this range


It is not the destination. To build a modern IT infrastructure and solution

it is not the destination to build a modern it infrastructure and solution


I think it's just probably because of the length of distribution channels that you see in China. So once you've got it there, there's still a fair amount of product that you have to put

i think it's just probably because of the length of distribution channels that you see in china so once you've got it there there's still a fair amount of product that you have to put


for when the end markets start to cooperate. Sanjiv will go into more detail about this and other guidance numbers later in the call.

for when the end markets start to cooperate sanjee will go into more detail about this and other guidance numbers later in the call


We were particularly pleased by the ability of our team to cross-sell the enlarged portfolio, consisting of conventional crop protection,

we were particularly pleased by the ability of our team to cross-sell the enlarged portfolio consisting of conventional crop protection


and it is because of that success that we began looking for additional retail platforms to expand our customer reach. Noble fits that objective to a T.

and it is because of that success that we began looking for additional retail platforms to expand our customer reach noble fits that objective to a t


We intend to continue to work as closely with the city on the planning to try and mitigate as much of that. So potentially, could be

we intend to continue to work as closely with the city on the planning to try and mitigate as much of that so potentially could be


of their latest growth initiative with a new line of truck body products as we expand into supplying to medium-duty Class 5 through 7 market

of their latest growth initiative with a new line of truck body products as we expand into supplying the medium duty class 5 through 7 market


How long this trend will go on is not clear, but it is surely a positive trend for our business.

how long this trend will go on is not clear but it is surely a positive trend for our business


Factors that could cause actual results to differ materially are discussed in the company's most recent filings with the SEC and in the release.

factors that could cause actual results to differ materially are discussed in the company's most recent filings with the sec and in the release


I would say, I think the other part of it -- I think that certainly I do want to provide the other context is that

i would say i think the other part of it i think that certainly i do want to provide the other context is that


We will use some of that, what I will call extra contribution to reinvest back in the energy business where it makes sense,

we will use some of that what i will call extra contribution to reinvest back in the energy business where it makes sense


So I think you're right. As energy volume comes back, you're going to see sort of outsize contributions in the near term as you build volume back in your plans.

so i think you're right as energy volume comes back you're going to see sort of outsized contribution in the near term as you build volume back in your plants


And how big is the revenue on the warranty administration that's being impacted by the financial with the overall size of that bucket?

and how big is the revenue on the warranty administration that's being impacted by the financial what's the overall size of that bucket


This means the effective date for new rates could be as early as the third quarter of 2017 even if the schedule for the rate case were to be extended.

this means the effective date for new rates could be as early as the third quarter of 2017 even if the schedule for the rate case were to be extended


Our overall share performance was not yet where we wanted it to be, but we began to see meaningful improvements in a number of key markets,

our overall share performance was not yet where we wanted it to be but we began to see meaningful improvements in a number of key markets


allowing us to consistently cover our dividend each quarter. Our portfolio is well positioned for any meaningful rise in interest rates,

allowing us to consistently cover our dividend each quarter our portfolio is well positioned for any meaningful rise in interest rates


These take into account benchmarks that we see externally, and we will continue to seek ways to improve and ensure that these levels are maintained.

these take into account benchmarks that we see externally and we will continue to seek ways to improve and ensure that these levels are maintained


And we remain very confident about the Southeast given continued growth in both public and private demand.

and we remain very confident about the southeast given continued growth in both public and private demand


They illustrate clearly the variability in the quarter, but also the quality of the profit improvement that we're seeing at the local level.

they illustrate clearly the variability in the quarter but also the quality of the profit improvement that we're seeing at the local level


and not one of our bigger businesses either. So if we can get it corrected and get it on a better growth trajectory, I think it could be a real contributor in the future.

and not one of our bigger businesses either so if we can get it corrected and get it on a better growth trajectory i think it could be a real contributor in the future


And in terms of pull-through, what percent of these programs are moving into Safety Assessment today? And where do you see that going longer term?

and in terms of pull-through what percent of these programs are moving into safety assessment today and where do you see that going longer term thanks


But remember that you've also got the market in India that's growing at a very rapid rate. And you've got a very stable market in Korea. So

but remember that you've also got the market in india that's growing at a very rapid rate and you've got a very stable market in korea so


We believe we are well positioned for the remaining days leading up to Christmas and look forward to helping the holidays arrive once again for our customers around the world.

we believe we are well positioned for the remaining days leading up to christmas and look forward to helping the holidays arrive once again for our customers around the world


from simple things like a flu or a pneumonia vaccination to the much more complex, identifying urgent needs that save lives.

from simple things like a flu or pneumonia vaccination to the much more complex identifying urgent needs that save lives


This chart has now been restated to exclude services, which was a relatively higher working capital intensive business. Therefore, the numbers have shifted downward.

this chart has now been restated to exclude services which was a relatively higher working capital intensive business therefore the numbers have shifted downward


We expect further challenges to negatively impact our performance in the fourth quarter and as a result, we've updated our full year revenue and EPS targets accordingly.

we expect further challenges to negatively impact our performance in the fourth quarter and as a result we've updated our full year revenue and eps targets accordingly


As we continue to build value for our customers, we will enhance the fundamental trends in our business that drive the long-term value creation for all shareholders.

as we continue to build value for our customers we will enhance the fundamental trends in our business that drive the long-term value creation for all shareholders


Our core expenses for the quarter were up less than 2%, which is primarily a function of variable expenses on core revenue growth.

our core expenses for the quarter were up less than 2% which is primarily a function of variable expenses on core revenue growth


But in this context, I think we've had a very clear strategy of what we're trying to do, and I just want to sort of make sure we're clear about what we're doing.

but in this context i think we've had a very clear strategy of what we're trying to do and i just wanted to sort of make sure we're clear about what we're doing


but then quickly stabilized as buyers stepped in. Defaults continue to track at historical lows in Europe

but then quickly stabilized as buyers stepped in defaults continue to track at historical lows in europe


and that was an opportune time for our company leaders to convey the new strategic plan to our store managers, who, in turn, are spreading the word throughout the company.

and that was an opportune time for our company leaders to convey the new strategic plan to our store managers who in turn are spreading the word throughout the company


This represents our best result in almost 2 years, and it was realized despite the significant competitive and regulatory pressures that existed in the quarter.

this represents our best result in almost 2 years and was realized despite the significant competitive and regulatory pressures that existed in the quarter


It's important to note that there's some way to go on this project, still, and we are a long way from approving any project capital in this regard.

it's important to note that there's some way to go on this project still and we are a long way from approving any project capital in this regard


and we give up some of the upside on gas. And because our skew was more to the downside on gas, we're willing to give that upside away,

and we give up some of the upside on gas and because our sku is more of the downside on gas we're willing to give that upside away


We believe that our improved overall financial profile will be beneficial as we engage in discussions to refinance our capital structure.

we believe that our improved overall financial profile will be beneficial as we engage in discussions to refinance our capital structure


prioritize and allocate resources to the most attractive high-growth markets and further differentiate our brand.


greater stability to our earnings during the times of inherent housing market volatility, and we are starting to see positive results.

greater stability to our earnings during the times of inherent housing market volatility and we are starting to see positive results


are our tenants' commercial relationships, and we believe that they continue to think that that's a very valuable asset in their network.

our tenants' commercial relationships and we believe that they continue to think that that's a very valuable asset in their network


given the expected time involved, we expect proceeds to be received in future periods. We're going to do the right deal, not a quick deal.

given the expected time involved we expect proceeds to be received in future periods we're going to do the right deal not a quick deal


We have also introduced a new premium grade product called BARYPREM, which can be used in new applications.

we have also introduced a new premium grade product called variprim which can be used in new applications


This was mostly because of lower dividend income and equity method earnings, stemming from a downturn in market prices on resource commodities.

this was mostly because of lower dividend income and equity method earnings stemming from a downturn in market prices on resource commodities


And if it scales the way it did in Phase II with avacopan, that will be a very powerful discussion with those agencies.

and if it scales the way it did in phase 2 with avacopan that will be a very powerful discussion with those agencies


and our first digital innovation tour for our buy-side clients to expose them to new digital innovations that can help them accelerate growth.


Similarly, the interactive software that I spoke about at the interims, which allows us to analyze every single till transaction, is now live in the business

similarly the interrogative software that i spoke about the intrums which allows us to analyze every single till transaction is now live in the business


pricing until the third quarter. So I think we'll just have to -- we'll have to kind of watch and see how that plays out. When we get to fourth quarter,

pricing until the third quarter so i think we'll just have to -- we'll have to kind of watch and see how that plays out when we get to fourth quarter


why the decision to go into Florida and how you're going to attack that market going forward from a sales perspective.

why the decision to go into florida and how are you going to attack that market going forward from a sales perspective


We showed how we successfully deployed data and analytics to up and cross-sell services when customers interact with us.

we showed how we successfully deployed data and analytics to up and cross-sell services when customers interact with us


for the majority of the proteins encoded in the vaccine, remain durable up to Week 56. And again, you can see that we can boost them.

for the majority of the proteins included in the vaccine remain durable up to week 56 and again you can see that we can boost them


on how to help them create a supply chain that is efficient and that works for us. So there's a lot of good news here,

on how to help them create a supply chain that is efficient and that works for us so there's a lot of good news here


pretty much as large as NIVEA. Clearly, it's across more categories. But it's clearly showing that you can deliver very strong

pretty much as large as nivia clearly it's across more categories but it's clearly showing that you can deliver very strong


Despite the ongoing renovation and limited meeting space to sell, the Renaissance Nashville has still been able to gain market share

despite the ongoing renovation and limited meeting space to sell the renaissance nashville has still been able to gain market share


given the proper repositioning or expansion activities, will outperform over the next decade.

given the proper repositioning or expansion activities will outperform over the next decade


to slowing growth and declining corporate profits in a highly leveraged world, are now finally being realized and manifested in obvious ways.

to slowing growth and declining corporate profits in a highly leveraged world are now finally being realized and manifested in obvious ways


we found out that there was a demand in the DJ et cetera, and that's why we ended up building the NECL piece kind of simultaneously and

we found out that there was demand in the dj et cetera and that's why we ended up building the nickel piece kind of simultaneously and


I think as a lodging-focused investment community, probably don't talk about as much as maybe we should. RevPAR index is the

i think as a lodging-focused investment community probably don't talk about as much as maybe we should revpar index is the


and stability of our cash flows, we believe that our business can more than adequately support this somewhat higher leverage amount.

and stability of our cash flows we believe that our business can more than adequately support the somewhat higher leverage amount


We've delivered growth in adjusted operating profit and a growth in adjusted operating profit margin despite this being a peak year of investment in the Growth Acceleration Plan.

we've delivered growth in adjusted operating profit and a growth in adjusted operating profit margin despite this being the peak year of investment in the growth acceleration plan


Yes, and then, as far as of them bringing in new clients, as they become part of Nielsen, they have all the same assets they had before. Now they have even

yes and then as far as them bringing in new clients as they've become part of nielsen they have all the same assets they have before now they have even


environment, and this again shows how we start to scale our business and how the focus on profitability actually pays off.

environment and this again shows how we start to scale our business and how the focus on profitability actually pays off


Demand for pulp was very strong in the last half of the year, driven in part by China and its new restrictions on the import of recycled paper.

demand for pulp was very strong in the last half of the year driven in part by china and its new restrictions on the import of recycled paper


A search is underway for his replacement. Phil leaves a strong legacy and a very solid bench in our operations teams.

our search is underway for his replacement phil leaves a strong legacy and a very solid bench in our operations teams


also have -- helps to answer an additional question, which is, is there additional benefit that accrues by keeping the patients on for another 12 weeks?

also helps to answer an additional question which is is there additional benefit that accrues by keeping the patients on for another 12 weeks


And we are looking at both possibilities in order to advance what we believe that will be important

and we are looking at both possibilities in order to advance what we believe will be important


because payments come before shipments. But you run the risk of inventory. Sometimes you do not get a good sell-through.

because payments come before shipments but you run the risk of inventory sometimes you do not get a good sell-through


These demonstrated that achieving above threshold levels of circulating pamrevlumab in pancreatic cancer patients, in combination with chemotherapy,

these demonstrated that achieving above threshold levels of circulating pamrevlumab in pancreatic cancer patients in combination with chemotherapy


Mario, I think the most material of those 3 anticipated

mario i think the most material of those 3 anticipated


and this is indeed a very relevant operation for the company. Operating expenses. We were able to

and this is indeed a very relevant operation for the company operating expenses we were able to


your Q3 performance seems to have been quite strong, especially on the margin front. Could you just elaborate a bit on what drove

your q3 performance seems to have been quite strong especially on the margin front could you just elaborate a bit on what drove


And Steve, that's an important segment for us because many of those customers then are going to see an adoption rate and may then very well move into

and steve that's an important segment for us because many of those customers then are going to see an adoption rate and may then very well move into


This means that we are always in position to have an alternate way to achieve set initiatives, significantly reducing the likelihood that we overpay for transaction.

this means that we are always in position to have an alternate way to achieve said initiatives significantly reducing the likelihood that we overpay for a transaction


and understanding your value proposition. So I do think it'll have a strong impact. It's going to take several years to roll out, so I don't want to create an expectation that,

and understanding your value proposition so i do think it will have a strong impact it's going to take several years to roll out so i don't want to create an expectation that


in our revenues due to the cancellation of several projects and increased price pressure coming from an industry suffering from overcapacity.


Yes. So I'll answer the last part first. We've made a dramatic change to our sales commission plans. We are

yes so i'll answer the last part first we've made a dramatic change to our sales commission plans we are


to make business in a country where you have an idea about the language, we have an idea about the jurisdiction, which is also

to make business in a country where you have an idea about the language we have an idea about the jurisdiction which is also


Third, we have a number of projects managed by our corporate staff, given their unique skill set that relate to legacy operational matters.

third we have a number of projects managed by our corporate staff given their unique skill set that relate to legacy operational matters


Three comments. First, the annual range does not include the anticipated benefits of non-GAAP revenue adjustments in the first and second quarters.

three comments first the annual range does not include the anticipated benefits of non-gaap revenue adjustments in the first and second quarters


this and some that I've said already. But the reason I have confidence in our alternatives is we have 5 million highly engaged members

say this and some of what i've said already but the reason i have confidence in our alternatives is we have 5 million highly engaged members


We'll see how it plays out. But I think regulatorily, it's bad. And I think in terms of how we incent people and how we pay people going forward, it could change.

we'll see how it plays out but i think regulatorily it's bad and i think in terms of how we incent people and how we pay people going forward it could change


I don't have the numbers in front of me for the average yield on what we bought for the quarter. I just don't have that right here, but you did see

i don't have the numbers in front of me for the average yield on what we bought for the quarter i just don't have that right here but you did see


It's important to point out that prior year third quarter was very strong, as we benefited from pent-up demand due to last year's hurricane impact.

it's important to point out that prior year third quarter was very strong as we benefited from pent-up demand due to last year's hurricane impact


The current multifamily market environment is very active. For example, we are working on a value-add multifamily listing in the Southeast right now

the current multifamily market environment is very active for example we are working on a value-add multifamily listing in the southeast right now


So the model's working really well. And specifically to your question, we want to get as many people on the platform as quickly as possible to get the benefit of their revenues

so the model is working really well and specifically to your question we want to get as many people on the platform as quickly as possible to get the benefit of their revenues in 2018


This resulted in LOE coming in above our guidance range. Going forward into the fourth quarter, we expect lease operating expense

this resulted in loe coming in above our guidance range going forward into the fourth quarter we expect lease operating expense


From a people perspective, we're also committed to diversity and being the best place in -- to work in real estate services.

from a people perspective we're also committed to diversity and being the best place to work in real estate services


and what some of the conditions are to be a preferred provider. But also what some of the structure is, including things that we are hopeful about,

and what some of the conditions are to be a preferred provider but also what some of the structure is including things that we are hopeful about


finish the merger. We will think about all the possible alternatives, but not certainly until we get to a point where we completed our merger.

finish the merger we will think about all the possible alternatives but not certainly until we get to a point where we've completed our merger


and has a lot of the attributes we would be looking for. It has transmission. It has a number of things that make it a very attractive site.

and has a lot of the attributes we would be looking for it has transmission it has a number of things that make it a very attractive site


if that effect were not in place. And I would point out the way that we measure this tends to understate the impact, because the way we measure it is simply by looking at

if that effect were not in place and i would point out the way that we measure this tends to understate the impact because the way we measure it is simply by looking at


We didn't necessarily invest in all the places we should have, and that's what resulted in the decrease in share.

we didn't necessarily invest in all the places we should have and that's what resulted in the decrease in share


The bottom line is that we believe we're well positioned for rising rates. The chart in the upper left summarizes our exposure to 4 scenarios this year

the bottom line is that we believe we're well positioned for rising rates the chart in the upper left summarizes our exposure to 4 scenarios this year


At this time, though, there is limited visibility on wood pulp prices heading materially lower in the coming year.

at this time though there is limited visibility on wood pulp prices heading materially lower in the coming year


things that really don't cost us very much money like a power bank on 5-year plan where there is extraordinary margins on that. So

things that really don't cost us very much money like a power bank on a 5-year plan where there's extraordinary margins on that so


The pipeline is better qualified and larger than it ever has been before, and we've closed some significant new sales.

the pipeline is better qualified and larger than it ever has been before and we've closed some significant new sales


Volume growth was slightly constrained by ethylene sales as we prepare for the turnaround of the cracker in the second quarter.

volume growth was slightly constrained by ethylene sales as we prepare for the turnaround of the cracker in the second quarter


a little bit of a view on how should we think about the deliveries of the BizJets and also commercial interest on the Pearl engine

a little bit of a view on how we should think about the deliveries of the bizjet and also commercial interest on the pearl engine


While the cost of these CDs did contribute to our high deposit beta, we were extremely pleased by our ability to meet our primary goal,

while the cost of these cds did contribute to our higher deposit beta we were extremely pleased by our ability to meet our primary goal


The money, thus -- we are not only considering to allocating the money in the emerging markets,

the money doesn't -- we are not only considering to allocating the money in the emerging markets


Today, we will review our Q1 financial and operational results, provide commentary on our performance in the context of our 5-point growth strategy

today we will review our q1 financial and operational results provide commentary on our performance in the context of our 5-point growth strategy


Before handing over to Gordon, let me take a moment to provide an update on our litigation against EnzymeWorks, which we initiated last year.

before handing over to gordon let me take a moment to provide an update on our litigation against enzyme works which we initiated last year


Now keep in mind that this quarter alone, excluding the East China integration, we grew total transactions in China in the mid-teens.

now keep in mind that this quarter alone excluding the east china integration we grew total transactions in china in the mid-teens


steps that are in our control and we know how to execute upon to improve our overall performance and find additional cost savings.


Looking at first quarter sales. February sales were impacted by the slow start to tax season and lower refunds during the month.

looking at first quarter sales february sales were impacted by the slow start to tax season and lower refunds during the month


Please refer to the company's earnings release that was issued today for a reconciliation of these non-GAAP measures to their most comparable GAAP measures.

please refer to the company's earnings release that was issued today for a reconciliation of these non-gaap measures to their most comparable gaap measures


As such, we expect the future quarters to show continued margin gains compared to last year but likely at a lower rate of improvement than realized this quarter.

as such we expect future quarters to show continued margin gains compared to last year but likely at a lower rate of improvement than realized this quarter


We also benefited from the investment and efficiency efforts of the past 18 months, which includes inventory, freight,

we also benefited from the investment and efficiency efforts of the past 18 months which includes inventory freight


multiple lines of business, call types in every geography that we're in. But I think that those volumes will continue to

multiple lines of business call types in every geography that we're in but i think that those volumes will continue to


we will continue to invest in our workforce, our facilities and our research and development programs as we prepare for the uptick in project activity over the coming quarters.

we will continue to invest in our workforce our facilities and our research and development programs as we prepare for the uptick in project activity over the coming quarters


and keeping our customers on the water through our getaway will help further differentiate MarineMax. And ultimately, these efforts

and keeping our customers on the water through our getaways will help further differentiate marinemax and ultimately these efforts


In my experience, mining services companies have lagged the miners in many fronts. For example, the miners were far quicker to reduce costs,

in my experience mining services companies have lagged the miners in many fronts for example the miners were far quicker to reduce costs


What these examples on the procurement side seeks to demonstrate is this is not about squeezing the small supplier of the last cent

think what these examples on the procurement side seek to demonstrate is this is not about squeezing the small supplier in the last cent


We will use this performance as a platform for accelerating our pace of growth to an average of 4.9% annually over the next 5 years

we will use this performance as a platform for accelerating our pace of growth to an average of 4 9% annually over the next 5 years


We continue to see some business consolidations among our customers and we experienced some cyclical year-end paydowns in lines.

we continue to see some business consolidations among our customers and we experienced some cyclical year-end pay downs in lines


Citywide activity during the quarter was light in our most significant group markets of Boston, Chicago and Minneapolis,

citywide activity during the quarter was light in our most significant group markets of boston chicago and minneapolis


and how much do they just try to buy business if we get a runup in metal prices. So it's really difficult to say. Over the long term,

and how much should they just try to buy business if we get a run-up in metal prices so it's really difficult to say over the long term


Now with regard to the acquisitions we've made, I am pleased to say that they are contributing in a way we knew they could.

now with regard to the acquisitions we've made i am pleased to say that they are contributing in a way we knew they could


Additionally, health system satisfaction with the majority of point solutions is very low and they are amenable to switching vendors.

additionally health system satisfaction with the majority of point solutions is very low and they are amenable to switching vendors


very good progress already in terms of driving to common vendors and making sure that we start to


Most important, we have completed the refinance, which strengthens our financial profile and provides us with additional flexibility.

most important we have completed the refinance which strengthens our financial profile and provides us with additional flexibility


They do a very, very good job with it. And I do believe as well that the volume increase that will occur

they do a very very good job with it and i do believe as well that the volume increase that will occur